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Energy Geopolitics & the Remaking of the Modern World | Helen Thompson

Hidden Forces

CHAPTER

The Oil Price Crisis of the Middle East in the Eighties

The united states ended up having some of the same problems as european countries from 19 70 onwards, even though it remained a cant oil producer. If we look at the eighties and nineties from their point of view, what we can see is a period of significantly lower oil prices. The only export revenues the soviet union really had was from energy exports to western europe. And because, since the seventies, the soviets had been using those energy export revenues in order to finance food imports, agricultural imports,. that meant that a food crisis ensued from its energy problems. All its export, energy export problems created a financial dependency on borrowing fromi western governments, western

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